FinTech refers to technological innovation changing the nature of financial services. It covers services ranging from mobile payment solutions to e-portfolio management and international money transfers.


In India, 40% of the population does not use banks and non-digital cash payments occur 87% of the time. Mobile usage is expected to increase from 53% to 64% by 2018. With internet penetration climbing, the Indian FinTech industry has bright prospects. Further, 90% of SMEs are not linked to the banking industry. These gaps in access to financial institutions and services offer several opportunities to the FinTech industry in India.


There are 400 fin-tech companies currently operating in India. This paper analyses the payment sector of the Indian FinTech industry using the example of Razorpay.

This paper examines Razorpay’s business model and revenue model in the context of its success in the payment sector as a payment company that offers a fast, affordable and secure mode of e-payments for merchants and e-commerce companies. Razorpay can be used as a model for understanding the payment segment in India as this company operates across various platforms such as mobile wallets, payment gateways andmPOS. Also, Razorpay’s growth story is similar to other successful FinTech start-ups in India such as Instamojo and EBS. This paper builds a case for why the Razorpay model can be adopted by other FinTech start-ups in India.

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